Market Watch AU – 24th November 2023
A day of consolidation with a firmer tone for the Aussie yesterday as markets trade in a holding pattern with the US Thanksgiving Holiday. Yesterday’s release of the Judo Bank PMI’s data for Australia, broadly missed expectations and highlighted declining demand whilst still high inflation. Expect markets to be thin today with the US expected to deliver a ‘half-hearted return’ with many traders taking a long weekend. Look for the AUDUSD to find support at the 0.6520’s offering buying opportunities and rallies to keep finding resistance at 0.6590’s. The NZDUSD has trended higher in early trade after their quarterly retail sale release which was flat versus the contraction of -1% expected. The US Global PMI’s release tonight will be the main interest for traders to close out the week and hopefully offer investors another tell-tale sign of where to for the US-dollar.
Wall Street was closed for Thanksgiving holiday. Australian shares are expected to open a touch higher today, following the lead from the northern hemisphere bourses who got a lift from their industrial sectors.
Gold prices held ground as the US-dollar slips lower with US Treasury yields drifting.
Base metal prices closed lower for the day, with LME Copper shedding $96/tonne, as signs that recent sluggish demand has allowed LME stockpiles to recover. Iron Ore prices on the Dalian exchange dropped 2.5% as Chinese authorities step up their campaign to monitor prices and attempt to cool the rally.
Brent Crude Oil prices dropped 1% for the day, as the market continues to digest what is to be taken from the delay in the OPEC+ meeting to next week.
| AUDUSD
Open today 0.6558 Yesterday’s Range 0.6540 / 0.6575 |
NZDUSD
Open today 0.6048 Yesterday’s Range 0.6019 / 0.6066 |
AUDNZD
Yesterday’s Range 1.0829 / 1.0872 |
| AUDEUR
Yesterday’s Range 0.6006 / 0.6025 |
AUDCNH
Yesterday’s Range 4.6822 / 4.6944 |
AUDGBP
Yesterday’s Range 0.5224 / 0.5252 |
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